Mortgage Companies That Take VA Guarantees

By Michael Evans

The Department of Veterans Affairs loan program provides a mortgage guarantee for lenders. Offered to eligible veterans and their family members, a VA loan enables qualified applicants to purchase or refinance a home, often with no down payment requirement and without the need to purchase private mortgage insurance. Lenders must qualify with the VA in order to issue VA loans. Borrowers can find VA lenders throughout the U.S., including small mortgage companies and large financial institutions.

Founded in 1852, Wells Fargo and Co. offers financial services through more than 80 businesses, including insurance products, banking services, investments products and mortgages. The company has more than 10,000 offices and services centers worldwide, including locations in 39 U.S. states. The Wells Fargo Home Mortgage division operates in over 2,000 locations, offering fixed and adjustable rate mortgages, including VA loans. Borrowers can apply for a loan at a branch location, over the phone or on the Wells Fargo Home Mortgage website. The company also offers its customers mortgage tools on its website, including current interest rates, calculators to determine monthly payments and comparisons of fixed and adjustable rate loans.

GMAC Mortgage was formed in 1985 through the acquisitions of Colonial Mortgage Service and Norwest Mortgage Inc. Borrowers can apply for purchase and refinance VA loans and GMAC Mortgage takes applications over the phone and through its website. The website also offers a collection of mortgage tools, including interest rates, a monthly payment calculator and a mortgage annual percentage rate calculator. The GMAC online resource center provides information about fixed rate, adjustable rate and balloon mortgages and includes a glossary of mortgage terms and tips on how to improve credit ratings.

PNC operates offices in 15 states and the District of Columbia. The company has 2,600 branch locations and 150 mortgage offices in the U.S. PNC offers purchase, refinance and home equity loans, along with VA mortgages. Loan products include 10-, 15-, 20- and 30-year fixed rate mortgages, 30-year interest-only mortgages and adjustable rate mortgages.

Founded in 1922 by 25 U.S. Army officers, USAA's financial products include home and auto insurance, car loans, credit cards and mortgages. The company offers its products only to active-duty and retired enlisted personnel and offices, along with eligible family members. USAA mortgage products include fixed and adjustable rate loans, including a 30-year fixed rate VA mortgage.

While LendingTree is not a lender, it does match borrowers with qualified lenders. The company makes its money from participating lenders and does not charge borrowers for its service. Borrowers must apply online through the LendingTree website or over the phone and can receive information and offers from multiple VA loan lenders. Borrowers have no obligation to accept lender offers and can make direct contact with participating lenders to discuss additional loan options. Lenders can include nationwide financial institutions and mortgage companies with local office locations.

http://www.lenderva.com